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Item 1. Financial Statements

2026-07-30 compared with 2026-04-23 · 223 added, 189 removed, 680 unchanged (38% of the section changed)

23 unchanged sentences

Commitments and Contingencies (Note 9)

Preferred stock ($ .01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2026 and December 31, 2025)

Common stock ($ .01 par value, 500,000,000 shares authorized, 283,221,841 and 283,037,310 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively)

Preferred stock ($ .01 par value, 50,000,000 shares authorized, no shares issued or outstanding at June 30, 2026 and December 31, 2025)

Common stock ($ .01 par value, 500,000,000 shares authorized, 290,919,328 and 283,037,310 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively)

Additional paid-in capital 6,969,771 6,613,488

2 unchanged sentences

Total equity attributable to Gaming and Leisure Properties 4,983,316 4,626,452

Noncontrolling interests in GLPI's Operating Partnership ( 8,581,163 and 8,224,939 units outstanding at March 31, 2026 and December 31, 2025, respectively)

Noncontrolling interests in GLPI's Operating Partnership ( 8,473,163 units and 8,224,939 outstanding at June 30, 2026 and December 31, 2025, respectively)

398,111 381,808

6 unchanged sentences

(in thousands, except per share data)

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Rental income $ 366,204 $ 339,527 $ 722,726 $ 679,779

3 unchanged sentences

Total income from real estate

430,519 394,876 850,504 790,111

Operating expenses

1 unchanged sentence

General and administrative 13,245 15,907 31,183 34,620

Gains from dispositions of property — ( 125 )

Losses (gains) from dispositions of property 1,170 — 1,170 ( 125 )

Depreciation 66,583 69,235 131,620 134,247

10 unchanged sentences

Net income $ 234,944 $ 156,165 $ 474,346 $ 326,519

Net income attributable to non-controlling interest in the Operating Partnership ( 7,573 ) ( 5,170 )

Net income attributable to noncontrolling interest in the Operating Partnership ( 6,528 ) ( 4,726 ) ( 14,101 ) ( 9,896 )

Net income attributable to common shareholders $ 228,416 $ 151,439 $ 460,245 $ 316,623

Earnings per common share:

Basic earnings attributable to common shareholders $ 0.80 $ 0.55 $ 1.62 $ 1.15

Diluted earnings attributable to common shareholders $ 0.80 $ 0.54 $ 1.62 $ 1.14

Other comprehensive income

Net income 234,944 156,165 474,346 326,519

Unrealized gain on cash flow hedges — 864 — 864

Reclassification of derivative gain to interest expense ( 24 ) — ( 48 ) —

Comprehensive income 234,920 157,029 474,298 327,383

Comprehensive income attributable to non-controlling interest in the Operating Partnership ( 7,572 ) ( 5,170 )

Comprehensive income attributable to noncontrolling interest in the Operating Partnership ( 6,527 ) ( 4,753 ) ( 14,099 ) ( 9,923 )

Comprehensive income attributable to common shareholders 228,393 152,276 460,199 317,460

Earnings per common share:

Basic earnings attributable to common shareholders $ 0.82 $ 0.60

Diluted earnings attributable to common shareholders $ 0.82 $ 0.60

See accompanying notes to the condensed consolidated financial statements.

14 unchanged sentences

Reclassification of derivative gain on cash flow hedges to interest expense — — — — ( 23 ) ( 1 ) ( 24 )

Distributions to non-controlling interest — — — — — ( 6,856 ) ( 6,856 )

— — — 231,829 — 7,573 239,402

Distributions to noncontrolling interest — — — — — ( 6,856 ) ( 6,856 )

Net income — — — 231,829 — 7,573 239,402

Balance, March 31, 2026 283,221,841 $ 2,832 $ 6,611,159 $ ( 1,980,009 ) $ 881 $ 401,966 $ 5,036,829

Issuance of common stock, net of costs 7,589,487 76 350,795 — — — 350,871

Restricted stock and LTIP unit activity — — 3,025 — — 1,619 4,644

Dividends paid ($ 0.82 per common share)

— — — ( 238,629 ) — — ( 238,629 )

Reclassification of derivative gain on cash flow hedges to interest expense — — — — ( 23 ) ( 1 ) ( 24 )

Redemption of noncontrolling interests to common shares 108,000 1 4,792 — — ( 4,793 ) —

Distributions to noncontrolling interest — — — — — ( 7,208 ) ( 7,208 )

Net income — — — 228,416 — 6,528 234,944

Balance, June 30, 2026 290,919,328 $ 2,909 $ 6,969,771 $ ( 1,990,222 ) $ 858 $ 398,111 $ 5,381,427

Common Stock Additional

Capital Accumulated

Deficit Noncontrolling Interest Operating Partnership Total

Deficit Accumulated other comprehensive income Noncontrolling Interest Operating Partnership Total

Shares Amount

3 unchanged sentences

— — — ( 209,061 ) — — ( 209,061 )

Issuance of operating partnership units — — — — — —

Distributions to non-controlling interest — — — — ( 6,341 ) ( 6,341 )

Net income — — — 165,184 5,170 170,354

Distributions to noncontrolling interest — — — — — ( 6,341 ) ( 6,341 )

— — — 165,184 — 5,170 170,354

Balance, March 31, 2025 274,832,999 $ 2,748 $ 6,200,349 $ ( 1,987,886 ) $ — $ 379,317 $ 4,594,528

Issuance of common stock, net of costs 8,170,387 82 402,956 — — — 403,038

Restricted stock and LTIP unit activity 4,153 — 5,286 — — 870 6,156

Dividends paid ($ 0.78 per common share)

— — — ( 220,933 ) — — ( 220,933 )

Unrealized gain on cash flow hedges — — — — 837 27 864

Distributions to noncontrolling interest — — — — — ( 6,508 ) ( 6,508 )

— — — 151,439 — 4,726 156,165

Balance, June 30, 2025 283,007,539 $ 2,830 $ 6,608,591 $ ( 2,057,380 ) $ 837 $ 378,432 $ 4,933,310

See accompanying notes to the condensed consolidated financial statements.

3 unchanged sentences

(in thousands, unaudited)

Three months ended March 31, 2026 2025

Six months ended June 30, 2026 2025

Operating activities

4 unchanged sentences

Amortization of gain on cash flow hedges and loan discounts ( 163 ) —

Accretion on investment in leases and adjustments to lease liabilities ( 7,412 ) ( 6,896 )

Accretion on investment in leases ( 14,739 ) ( 13,762 )

Accretion on held to maturity investment securities — 10,837

Non-cash adjustment to financing lease liabilities 204 205

Gains from dispositions of property — ( 125 )

Losses (gains) from dispositions of property 1,170 ( 125 )

Stock-based compensation 12,748 15,014

11 unchanged sentences

Proceeds from sales of property, net of costs — 125

Acquisition of real estate, net ( 688,004 ) —

Expenditures for property and equipment, net ( 9,078 ) —

Acquisition of real estate ( 904,295 ) ( 5,000 )

Originations of real estate loans ( 69,401 ) ( 10,669 )

Principal payments on real estate loans 16,228 —

Maturities of held to maturity investment securities — 549,995

Net cash (used in) provided by investing activities ( 853,539 ) 534,004

Net cash provided by (used in) investing activities ( 1,262,776 ) 500,353

Financing activities

Dividends paid ( 459,697 ) ( 429,994 )

Non-controlling interest distributions ( 6,856 ) ( 6,341 )

Noncontrolling interest distributions ( 14,064 ) ( 12,849 )

Taxes paid related to shares withheld for tax purposes on restricted stock award vestings ( 6,262 ) ( 14,806 )

4 unchanged sentences

Net cash provided by (used in) financing activities 737,635 ( 904,688 )

Net decrease in cash and cash equivalents 50,199 ( 293,757 )

Net increase (decrease) in cash and cash equivalents 94,690 141,532

Cash and cash equivalents at beginning of period 224,314 462,632

13 unchanged sentences

GLPI issues equity from time to time and is obligated to contribute the net proceeds from those offerings to GLP Capital.

As of March 31, 2026, GLPI owned approximately 96.8 % of the outstanding units of GLP Capital with the remaining 3.2% owned by third party limited partners who (directly or through affiliates) contributed properties to GLP Capital in exchange for consideration that was partially funded through the issuance of operating partnership units ("OP Units") and holders of long term incentive plan units ("LTIP Units").

The OP Units and LTIP Units once vested are exchangeable on a one for one basis for common shares of the Company.

As of June 30, 2026, GLPI owned approximately 96.9 % of the outstanding units of GLP Capital with the remaining 3.1 % owned by third-party limited partners who (directly or through affiliates) contributed properties to GLP Capital in exchange for consideration that was partially funded through the issuance of operating partnership units ("OP Units") and holders of long-term incentive plan units ("LTIP Units").

The OP Units and LTIP Units once vested are redeemable for cash or, at the Company's option, shares of common stock of the Company on a one-for-one basis.

The Company's common stock is listed on the NASDAQ under the ticker symbol GLPI.

All debt of the Company, including revolving credit facilities, term loans and senior unsecured notes, is incurred by GLP Capital and its subsidiaries.

GLPI has fully and unconditionally guaranteed all of our outstanding senior unsecured notes.

GLPI has fully and unconditionally guaranteed all of the Company's outstanding senior unsecured notes.

The Company seeks to provide an opportunity to invest in the growth opportunities afforded by the gaming industry, with the stability and cash flow opportunities of a REIT.

3 unchanged sentences

The Company also extends loans that produce fixed or variable returns which may convert into leased rent upon project completion or stabilization.

As of March 31, 2026, GLPI’s portfolio consisted of interests in 71 gaming and related facilities, the real property associated with 34 gaming and related facilities operated by PENN, the real property associated with 6 gaming and related facilities operated by Caesars Entertainment Corporation (NASDAQ:

As of June 30, 2026, GLPI’s portfolio consisted of interests in 71 gaming and related facilities, including the real property associated with 34 gaming and related facilities operated by PENN, the real property associated with 6 gaming and related facilities operated by Caesars Entertainment, Inc.

CZR) ("Caesars"), the real property associated with 4 gaming and related facilities operated by Boyd Gaming Corporation (NYSE:

BYD) ("Boyd"), the real property associated with 16 gaming and related facilities operated by Bally's Corporation (NYSE:

BALY) ("Bally's") and 2 facilities under development, namely for Bally's in Chicago, Illinois and for The Cordish Companies ("Cordish") and Bruce Smith Enterprise in Petersburg, Virginia, the real property associated with 3 gaming and related facilities operated by Cordish, 1 gaming facility managed by a subsidiary of Hard Rock International ("Hard Rock"), 4 gaming and related facilities operated by Strategic Gaming Management, LLC ("Strategic") and 1 gaming and related facility operated by American Racing & Entertainment ("American Racing").

BALY) ("Bally's") and 2 facilities under development;

one for Bally's in Chicago, Illinois, and the other for The Cordish Companies ("Cordish") and Bruce Smith Enterprise in Petersburg, Virginia, the real property associated with 3 gaming and related facilities operated by Cordish, 1 gaming facility managed by a subsidiary of Hard Rock International ("Hard Rock"), 4 gaming and related facilities operated by Strategic Gaming Management, LLC ("Strategic") and 1 gaming and related facility operated by American Racing & Entertainment ("American Racing").

PENN 2023 Master Lease and Amended PENN Master Lease

9 unchanged sentences

On November 3, 2025, GLPI funded $ 150 million for PENN's M Resort new hotel tower and conference center expansion, which opened to the public on December 1, 2025, at a capitalization rate of 7.79 %.

PENN anticipates completing the relocation of its riverboat casino in Aurora, Illinois on June 24, 2026, pending customary regulatory approvals.

The Company anticipates funding $ 225 million at a 7.75 % capitalization rate for this project on or about June 24, 2026.

Rent for each project begins accruing as the related funding is advanced.

Finally, on June 24, 2026, the Company funded $ 216.3 million to complete the $ 225 million commitment for PENN's Aurora landside development project at a 7.75 % capitalization rate.

Rent for each project began accruing as the related funding was advanced and each commitment has now been completed.

Amended Pinnacle Master Lease, Boyd Master Lease and Belterra Park Lease

12 unchanged sentences

The Belterra Park

Lease rent terms are consistent with the Boyd Master Lease.

The Belterra Park Lease rent terms are consistent with the Boyd Master Lease and expires on April 30, 2031, with no purchase option, followed by four , 5-year renewal options (exercisable by the tenant) on the same terms and conditions.

Lease rent terms are consistent with the Boyd Master Lease and expires on April 30, 2031, with no purchase option, followed by four , 5-year renewal options (exercisable by the tenant) on the same terms and conditions.

In April 2025, PENN announced its intention to relocate its Ameristar Council Bluffs riverboat casino, for which GLPI has committed up to $ 150 million or the hard costs associated with the project, whichever is greater, at a 7.10 % cap rate, which can be structured, at the discretion of PENN, as rent, or a 5-year term loan.

19 unchanged sentences

If the CPI is less than 0.5 % for such lease year, then the rent shall not increase for such lease year.

Rental income on the land and development funding is being deferred until the project is substantially completed and ready for its intended use.

This amount is recorded in deferred rental revenue on the Company's Condensed Consolidated Balance Sheet and totaled $ 39.2 million and $ 28.7 million at March 31, 2026 and December 31, 2025, respectively.

The Company intends to fund real estate construction costs of up to $ 940.0 million for the planned Bally's Chicago.

1 unchanged sentence

The Company would own all funded improvements, which would be leased to Bally’s with rent commencing as advances are made at an initial annual yield of 8.5 %.

As of March 31, 2026, $ 299.6 million of real estate construction costs have been funded by the Company.

As of June 30, 2026, $ 475.7 million of real estate construction costs have been funded by the Company.

Rental income on the land and development funding is being deferred until the project is substantially completed and ready for its intended use.

This amount is recorded in deferred rental revenue on the Company's Condensed Consolidated Balance Sheet and totaled $ 53.0 million and $ 28.7 million at June 30, 2026 and December 31, 2025, respectively.

On December 16, 2024, the Company completed the purchase of the real property assets of both Bally’s Kansas City Casino and Bally’s Shreveport Casino & Hotel.

4 unchanged sentences

Additionally, annual rental income of $ 28.9 million was reallocated from the Casino Queen Master Lease to Bally's Master Lease II.

Finally, on February 11, 2026, the Company exercised its call

right for Bally's Twin River Casino Resort ("Bally's Lincoln"), acquiring the real estate assets for a purchase price of $ 700 million and additional annual rent of $ 56 million and adding the property to Bally's Master Lease II.

On February 7, 2025, Bally's completed its merger transactions with Standard General and its affiliates, and pursuant to the terms of the merger agreement, The Queen Casino and Entertainment, Inc.

("Casino Queen") is now a subsidiary of Bally's.

Finally, on February 11, 2026, the Company exercised its call right for Bally's Twin River Casino Resort ("Bally's Lincoln"), acquiring the real estate assets for a purchase price of $ 700 million and additional annual rent of $ 56 million and adding the property to Bally's Master Lease II.

On February 7, 2025, Bally's completed its merger transactions with Standard General L.P.

and its affiliates, and pursuant to the terms of the merger agreement, The Queen Casino & Entertainment ("Casino Queen") is now a subsidiary of Bally's.

The Company has a master lease with Casino Queen which became effective December 17, 2021 (as amended, the "Casino Queen Master Lease").

4 unchanged sentences

On June 3, 2024, the Company announced that it agreed to fund and oversee a landside development project and hotel renovation of The Belle of Baton Rouge for Casino Queen.

GLPI funded approximately $ 111 million for the project.

The landside development project was completed and opened to the public in December 2025 and has been rebranded as Bally's Baton Rouge.

GLPI funded approximately $ 111 million for the projects.

The renovated hotel was opened to the public on March 31, 2025.

Casino Queen began paying an incremental rental yield of 9 % on the development funding effective May 30, 2025.

Rent was deferred on the landside development project until it was ready for its intended use.

As of March 31, 2026, the Company has funded $ 16.5 million of certain construction costs for the landside development project at Casino Queen Marquette at a 8.25 % capitalization rate.

The landside development project opened to the public in March 2026 and has been rebranded as Bally's Marquette.

The landside development project was completed and opened to the public in December 2025 and has been rebranded as Bally's Baton Rouge.

The Company also funded $ 16.5 million of construction costs for a landside development project at Casino Queen Marquette at an 8.25 % capitalization rate.

The project was completed and opened to the public in March 2026, at which time the property was rebranded as Bally's Marquette.

On April 16, 2020, the Company and certain of its subsidiaries acquired the real property associated with the Tropicana Las Vegas from PENN in exchange for $ 307.5 million of rent credits which were applied against future rent obligations due under the parties' leases in effect during 2020.

32 unchanged sentences

Lease each have initial lease terms of 39 years, with a maximum term of 60 years inclusive of tenant renewal options.

Annual rent increases by 1.75 % upon the second anniversary of both leases commencement through their remaining terms.

Annual rent increases by 1.75 % upon the second anniversary of each lease's commencement through their remaining terms.

On October 27, 2025, the Company announced that it intends to acquire the real estate of the future site for Live!

Virginia Casino & Hotel, a Cordish Company / Bruce Smith Enterprise casino and hotel development in Petersburg, Virginia ("Virginia Live!").

In addition, GLPI has committed to fund the hard costs associated with the development of the project.

In addition, GLPI committed to fund the hard costs associated with the development of the project.

The cap rate on both the land acquisition of $ 27 million and the hard cost development funding of $ 440 million will be at 8.0 %.

The transaction also includes a 1.75 % rent escalator, which will commence after the first anniversary of the permanent casino opening, which is anticipated in late 2027.

The lease also includes a 1.75 % rent escalator, which will commence after the first anniversary of the permanent casino opening, which is anticipated in late 2027.

Through the construction of this large-scale development, GLPI will be compensated for the funding on an as drawn basis.

2 unchanged sentences

Therefore, the Company will account for any funds extended prior to the asset being ready for its intended use as loans.

Additionally, the Company concluded that this was a loan commitment and was therefore subject to ASC 326 "Credit Losses:

Additionally, the Company concluded that this was a loan commitment and was therefore subject to ASC 326, "Financial Instruments-Credit Losses" ("ASC 326").

Once construction is complete and the facility is ready for its intended use, the Company will apply the sale and leaseback guidance to determine the appropriate lease classification.

4 unchanged sentences

The initial annual rent is subject to 2 % annual escalations for the entirety of its term.

In addition to the Rockford Lease, the Company committed to provide development funding via a senior secured delayed draw term loan (the "Rockford Loan").

In addition to the Rockford Lease, the Company committed to provide development funding pursuant to a senior secured delayed draw term loan (the "Rockford Loan") for $ 150 million.

Borrowings under the Rockford Loan were subject to an interest rate of 10 % with a 5-year initial term.

On January 1, 2025, the Company amended the terms of the Rockford Loan to reduce the interest rate to 8 % with a maturity date of June 30, 2026, subject to a 6-month extension.

As of March 31, 2026, $ 150 million was advanced and outstanding under the Rockford Loan.

Additionally, the Company also received a right of first refusal on the building improvements of the Hard Rock Casino in Rockford, IL if there is a future decision to sell them once completed.

On June 30, 2026, the Company entered into a second amendment to the Rockford Loan pursuant to which the borrower repaid $ 16.0 million of principal and the maturity date was extended to December 31, 2029.

The amended loan also requires principal repayments of $ 12.0 million on or before March 31, 2028 and $ 10.0 million on or before March 31, 2029.

As of June 30, 2026, $ 134 million was outstanding under the Rockford Loan.

The Company also obtained an option to acquire the casino building improvements.

The option becomes exercisable if the borrower has not repaid or refinanced the Rockford Loan by the date that is 90 days prior to the loan's maturity date of December 31, 2029.

If triggered, the Company may exercise the option during the subsequent 90-day period.

price is contractually determined based on a multiple of incremental rent, which is derived from the property's trailing four-quarter EBITDA, and may be offset against amounts outstanding under the Rockford Loan.

If exercised, the Company would acquire ownership of the building improvements and the existing ground lease would be amended to include both the land and building improvements under a single lease.

Tioga Downs Lease

1 unchanged sentence

Simultaneous with the acquisition, GLPI and American Racing entered into a triple-net lease agreement for an initial 30 -year term, with no purchase option, followed by two renewal options of 10 years each and a third renewal option of approximately 12 years and ten months (the "Tioga Downs Lease").

The initial annual rent is subject to

1.75 % annual escalations beginning with the first anniversary which increases to 2 % beginning in year fifteen of the lease through the remainder of its initial term.

The initial annual rent is subject to 1.75 % annual escalations beginning with the first anniversary which increases to 2 % beginning in year fifteen of the lease through the remainder of its initial term.

Strategic Gaming Leases

7 unchanged sentences

These agreements were entered into subsequent to receiving a declination letter from the National Indian Gaming Commission covering the transaction documents, including the long-term lease.

As of March 31, 2026, $ 83.6 million was advanced and outstanding under the Ione Loan which has a 5-year term and an interest rate of 11 %.

As of June 30, 2026, $ 98.7 million was outstanding under the Ione Loan which has a 5-year term and an interest rate of 11 %.

Dry Creek Rancheria Loan

On September 2, 2025, the Company announced a $ 225.3 million commitment, subject to receipt of all required permits and approvals, to serve as the lead real estate financing partner for Caesars Republic Sonoma County, a new integrated resort to be developed on the site of the current River Rock Casino.

Pursuant to its agreements with the Dry Creek, GLPI will initially act as a lender to the project through (i) a $ 180 million delayed draw term loan bearing interest at a fixed rate of 12.50 % and (ii) a $ 45.3 million term loan B issued at an original issue discount of 3% and bearing interest at a Secured Overnight Financing Rate ("SOFR") plus 900 basis points, subject to a SOFR floor of 1%.

Pursuant to its agreements with the Dry Creek Rancheria ("Dry Creek"), GLPI will initially act as a lender to the project through (i) a $ 180 million delayed draw term loan bearing interest at a fixed rate of 12.50 % and (ii) a $ 45.3 million term loan B issued at an original issue discount of 3 % and bearing interest at a Secured Overnight Financing Rate ("SOFR") plus 900 basis points, subject to a SOFR floor of 1 %.

Each term loan has a maturity of 6 years.

1 unchanged sentence

Annual rent on the sublease will be based on a 9.75 % capitalization rate.

As of March 31, 2026, the Company has funded the $ 45.3 million term loan B while the delayed draw term loan remained undrawn.

As of June 30, 2026, the Company has funded the $ 45.3 million term loan B while the delayed draw term loan remained undrawn.

The obligations under the Amended PENN Master Lease, PENN 2023 Master Lease, Amended Pinnacle Master Lease and Morgantown Lease, are guaranteed by PENN and, with respect to each lease, jointly and severally by PENN's subsidiaries that occupy and operate the facilities covered by such lease.

1 unchanged sentence

Louis Lease, the Casino Queen Master Lease, the Bally's Master Lease, the Bally's Master Lease II, the Strategic Gaming Leases and the Tioga Downs Lease are each jointly and severally guaranteed by the applicable parent company and by the parent's subsidiaries that occupy and operate the leased facilities.

The obligations under the Tropicana Las Vegas Lease are guaranteed by Bally's.

The obligations under the

Tropicana Las Vegas Lease are guaranteed by Bally's.

The obligations under the Boyd Master Lease, the Belterra Park Lease, the Maryland Live!

4 unchanged sentences

generally accepted accounting principles ("GAAP") for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X.

Accordingly, they do not include all of the information and

footnotes required by GAAP for complete consolidated financial statements.

Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements.

In the opinion of management, all normal recurring adjustments considered necessary for a fair presentation have been included.

3 unchanged sentences

All intercompany accounts and transactions have been eliminated in consolidation.

The Company’s net income or loss is allocated to noncontrolling interests based on the respective ownership or voting percentage in the Operating Partnership associated with such noncontrolling interests and is removed from consolidated income or loss on the Condensed Consolidated Statements of Operations in order to derive net income or loss attributable to common stockholders.

The noncontrolling ownership percentage is calculated by dividing the aggregate number of LTIP Units and OP Units by the total number of units and shares outstanding.

The Company’s net income or loss is allocated to noncontrolling interests based on the respective ownership or voting percentage in the Operating Partnership associated with such noncontrolling interests and is removed from consolidated income or loss on the Condensed Consolidated Statements of Income in order to derive net income or loss attributable to common stockholders.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses for the reporting periods.

Actual results could differ from those estimates.

Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.

Operating results for the three and six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.

The consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2025 (our "Annual Report") should be read in conjunction with these condensed consolidated financial statements.

The December 31, 2025 financial information has been derived from the Company’s audited consolidated financial statements.

The Company’s significant accounting policies are described in Note 2 of the Notes to the Consolidated Financial Statements included in the Company’s Annual Report and since the date of those financial statements, the Company has not had any significant changes to these accounting policies that have had a material impact on the Company's financial statements.

Investment in Leases, Net

Certain of the Company's leases are recorded as an Investment in leases, financing receivables, net, as the sale lease back transactions were accounted for as failed sale leasebacks as control of the real estate did not transfer to the Company.

Certain of the Company's leases are recorded as an Investment in leases, financing receivables, net, as the sale-leaseback transactions were accounted for as failed sale leasebacks as control of the real estate did not transfer to the Company.

Additionally, as described in Note 1, the Company reassessed the Tropicana Las Vegas Lease in 2024 which resulted in the lease being classified as a sales-type lease.

The following is a summary of the balances of the Company's Investment in leases, financing receivables and investment in leases, sales-type (in thousands).

2026 March 31,

2026 June 30,

2026 December 31,

6 unchanged sentences

Allowance for credit losses ( 26,677 ) ( 27,452 ) ( 30,076 ) ( 22,133 )

Investment in leases - financing receivables, net $ 250,512 $ 2,562,869 $ 248,421 $ 2,557,504

The present value of the net investment in the lease payment receivable and unguaranteed residual value at March 31, 2026 for the Company's Investment in leases, financing receivables was $ 2,482.3 million and $ 104.7 million compared to $ 2,477.1 million and $ 102.6 million at December 31, 2025.

The present value of the net investment in the lease payment receivable and unguaranteed residual value at March 31, 2026 for the Company's Investment in leases, sales type was $ 255.0 million and $ 23.5 million compared to $ 255.3 million and $ 23.2 million at December 31, 2025.

At March 31, 2026, minimum lease payments owed to us for each of the five succeeding years under the Company's investment in leases were as follows (in thousands):

Investment in leases, net $ 251,820 $ 2,566,924 $ 248,421 $ 2,557,504

The present value of the net investment in the lease payment receivable and unguaranteed residual value at June 30, 2026 for the Company's Investment in leases, financing receivables was $ 2,487.5 million and $ 106.9 million compared to $ 2,477.1 million and $ 102.6 million at December 31, 2025.

The present value of the net investment in the lease payment receivable and unguaranteed residual value at June 30, 2026 for the Company's Investment in leases, sales-type was $ 254.7 million and $ 23.8 million compared to $ 255.3 million and $ 23.2 million at December 31, 2025.

At June 30, 2026, minimum lease payments owed to us for each of the five succeeding years under the Company's investment in leases were as follows (in thousands):

Year ending December 31, Future Minimum Lease Payments - Sales-Type Future Minimum Lease Payments - Financing Receivables

17 unchanged sentences

The Company also monitors legislative changes to assess whether it would have an impact on the underlying performance of its tenant.

We are unable to use our historical data to estimate losses as the Company has no loss history to date on its lease portfolio.

Our tenants were current on all of their rental obligations as of March 31, 2026 and December 31, 2025.

We are unable to use our

historical data to estimate losses as the Company has no loss history to date on its lease portfolio.

Our tenants were current on all of their rental obligations as of June 30, 2026 and December 31, 2025.

The change in the allowance for credit losses for the Company's investment in leases is illustrated below (in thousands):

Balance at December 31, 2025 Change in Allowance Balance at March 31, 2026

Balance at December 31, 2025 Change in Allowance Balance at March 31, 2026 Change in Allowance Balance at June 30, 2026

Maryland Live!

5 unchanged sentences

Strategic Lease 3,142 838 3,980 ( 299 ) 3,681

Tropicana LV Lease 30,076 ( 2,091 ) 27,985

Tropicana Las Vegas Lease 30,076 ( 2,091 ) 27,985 ( 1,308 ) 26,677

Totals $ 52,209 $ ( 45 ) $ 52,164 $ 1,965 $ 54,129

Balance at December 31, 2024 Change in Allowance Balance at March 31, 2025

Balance at December 31, 2024 Change in Allowance Balance at March 31, 2025 Change in Allowance Balance at June 30, 2025

Maryland Live!

5 unchanged sentences

Strategic Lease 1,134 3,067 4,201 1,696 5,897

Tropicana LV Lease 23,681 9,157 32,838

Tropicana Las Vegas Lease 23,681 $ 9,157 32,838 2,268 35,106

Totals $ 57,746 $ 36,014 $ 93,760 $ 46,223 $ 139,983

The amortized cost basis of the Company's investment in leases, financing receivables by year of origination is shown below as of March 31, 2026 (in thousands):

Origination year Investment in leases, financing receivables Allowance for credit losses Amortized cost basis at March 31, 2026

The amortized cost basis of the Company's investment in leases, financing receivables by year of origination is shown below as of June 30, 2026 (in thousands):

Origination year Investment in leases, financing receivables Allowance for credit losses Amortized cost basis at June 30, 2026

Allowance as a percentage of outstanding financing receivable

5 unchanged sentences

Total $ 2,594,376 $ ( 27,452 ) $ 2,566,924 ( 1.06 ) %

The amortized cost basis of the Company's investment in leases, sales type by year of origination is shown below as of March 31, 2026 (in thousands):

Origination year Investment in leases, sales type Allowance for credit losses Amortized cost basis at March 31, 2026

The amortized cost basis of the Company's investment in leases, sales-type by year of origination is shown below as of June 30, 2026 (in thousands):

Origination year Investment in leases, sales-type Allowance for credit losses Amortized cost basis at June 30, 2026

Allowance as a percentage of outstanding financing receivable

2024 $ 278,497 $ ( 26,677 ) $ 251,820 ( 9.58 ) %

During the three months ended March 31, 2025, the Company recorded a provision for credit losses, net of $ 36.0 million on the Investment in leases, financing receivables and sales type.

The reason for the increase was primarily due to a more pessimistic forward looking economic forecast and weighting at March 31, 2025 compared to what was utilized at December 31, 2024.

Additionally, a benefit for credit losses of $ 10.1 million and a provision for credit losses of $ 3.2 million was recorded during the three months ended March 31, 2026 and March 31, 2025, respectively, on the Company's real estate loans and related loan commitment (See Note 5 for further details).

The reason for differences in the allowance as a percentage of outstanding financing receivable for leases originated in each calendar year in the table above depends on various factors for the leases such as, but not limited to expected rent coverage ratios and loan to value ratios.

During the three and six months ended June 30, 2026, the Company recorded a net provision for credit losses of $2.0 million and $1.9 million, respectively, related to investments in leases, financing receivables, and sales-type leases.

During the three and six months ended June 30, 2025, the Company recorded net provisions for credit losses of $ 46.2 million and $ 82.2 million, respectively, related to investments in leases, financing receivables, and sales-type leases.

These provisions were primarily driven by a sequential deterioration in the third-party forward-looking economic outlook used in the Company's CECL reserve calculations.

The macroeconomic forecast as of March 31, 2025 was more pessimistic than the forecast used as of December 31, 2024, resulting in a provision during the three months ended March 31, 2025.

The outlook further deteriorated as of June 30, 2025, leading to an additional provision during the three months ended June 30, 2025.

Differences in the allowance as a percentage of outstanding financing receivables for leases originated in different calendar years, as shown in the table, reflect various factors, including but not limited to, expected rent coverage ratios and loan-to-value ratios.

Future changes in economic projections, probability factors, changes in the estimated value of our real estate property and earnings assumptions at the underlying facilities may result in non-cash provisions or recoveries in future periods that could materially impact our results of operations.

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Real estate investments, net $ 9,558,270 $ 8,474,261

The increase in land and improvements and building and improvements relates to the acquisition of the Bally's Lincoln real estate assets, in addition to the landside development projects for Bally's Marquette and the new Aurora landside casino, partially offset by the removal of the assets related to the former Aurora casino.

Aurora relocated landside on June 24, 2026.

Construction in progress primarily represents development funding along with related capitalized interest on the Company's development projects.

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The Company entered into the Rockford Loan to fund the construction of the Hard Rock Casino Rockford in Rockford, Illinois.

As of March 31, 2026 and December 31, 2025, the entire $ 150 million commitment was drawn.

On January 1, 2025, the Company amended the terms of the Rockford Loan to reduce the interest rate to 8 % from 10 % with a maturity date of June 30, 2026, subject to a 6 month extension.

The Company also entered into the Ione Loan for up to $ 110 million, of which $ 83.6 million and $ 56.6 million was drawn as of March 31, 2026 and December 31, 2025, respectively.

As of June 30, 2026 and December 31, 2025, $ 134 million and $ 150 million, respectively, were outstanding under the Rockford Loan.

In June 2026, $ 16 million of the Rockford Loan was repaid and the maturity date was extended to December 31, 2029.

The contractual interest rate remained unchanged at 8 %.

The amendment also requires a principal payment of $ 12 million on or before March 31, 2028 and an additional principal payment of $ 10 million on or before March 31, 2029.

The Company also entered into the Ione Loan for up to $ 110 million, of which $ 98.7 million and $ 56.6 million were outstanding as of June 30, 2026 and December 31, 2025, respectively.

The Ione Loan has an 11 % annual interest rate and matures in September 2029.

The Company also entered into the Dry Creek Loan on December 4, 2025, and $ 45.3 million was drawn as of March 31, 2026 and December 31, 2025, respectively.

The Company also entered into the Dry Creek Loan on December 4, 2025, and $ 45.3 million was drawn as of June 30, 2026 and December 31, 2025.

The term loan B was issued at an original issue discount of 3 % and bears interest at SOFR plus 900 basis points, subject to a SOFR floor of 1 %.

2 unchanged sentences

should be accounted for as a loan and a loan commitment, respectively.

Accordingly, the approximately $ 27.0 million funded on January 15, 2026 to acquire the land for the project has been classified as a real estate loan, and interest income is recognized at an annual rate of 8.0 %.

Accordingly, approximately $ 27.0 million funded on January 15, 2026 to acquire the land for the project has been classified as a real estate loan, and interest income is recognized at an annual rate of 8.0 %.

Upon completion of construction and commencement of operations, the Company expects the arrangement to be evaluated under the sale-leaseback guidance in ASC 842 to determine the appropriate lease classification.

The following is a summary of the balances of the Company's real estate loans, net.

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

(in thousands)

Real estate loans (1)

$ 303,801 $ 250,515

Allowance for credit losses ( 7,542 ) ( 2,516 )

Real estate loans, net $ 296,259 $ 247,999

(1) Includes an unearned discount of $1.3 million and $1.4 million at March 31, 2026 and December 31, 2025, respectively.

(1) Includes an unearned discount of $1.2 million and $1.4 million at June 30, 2026 and December 31, 2025, respectively.

The change in the allowance for credit losses for the Company's real estate loans is shown below (in thousands):

Rockford Loan Ione Loan Dry Creek Loan Cordish VA Loan Total

Balance at December 31, 2025 $ ( 1,279 ) $ ( 399 ) $ ( 838 ) $ — $ ( 2,516 )

Rockford Loan Ione Loan Dry Creek Loan Cordish Virginia Total

December 31, 2025 $ ( 1,279 ) $ ( 399 ) $ ( 838 ) $ — $ ( 2,516 )

Change in allowance ( 1,616 ) ( 246 ) ( 294 ) ( 248 ) ( 2,404 )

Ending balance at March 31, 2026 $ ( 2,895 ) $ ( 645 ) $ ( 1,132 ) $ ( 248 ) $ ( 4,920 )

Change in allowance ( 3,186 ) 289 182 93 ( 2,622 )

Ending balance at June 30, 2026

$ ( 6,081 ) $ ( 356 ) $ ( 950 ) $ ( 155 ) $ ( 7,542 )

3 unchanged sentences

Ending balance at March 31, 2025 $ ( 7,426 ) $ ( 150 ) $ ( 7,576 )

$ ( 7,426 ) $ ( 150 ) $ ( 7,576 )

The amortized cost basis of the Company's real estate loans by year of origination is shown below as of March 31, 2026 (in thousands):

Origination year Real estate loans, net Allowance for credit losses Amortized cost basis at March 31, 2026

Change in allowance ( 6,877 ) ( 208 ) ( 7,085 )

Ending balance at June 30, 2025 $ ( 14,303 ) $ ( 358 ) $ ( 14,661 )

The amortized cost basis of the Company's real estate loans, financing receivables by year of origination is shown below as of June 30, 2026 (in thousands):

Origination year Real estate loans Allowance for credit losses Amortized cost basis at June 30, 2026

Allowance as a percentage of outstanding real estate loans

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The real estate loans are subject to CECL, which is described in Note 3.

The Company recorded provision for credit losses of $ 2.4 million and $ 3.0 million for the three month period ended March 31, 2026 and March 31, 2025 on the Company's real estate loans, respectively.

Additionally, the Company recorded a benefit of $ 12.5 million and a provision of $ 0.2 million during the three month period ended March 31, 2026 and March 31, 2025 on unfunded loan commitments.

The benefit for the three month period ended March 31, 2026 was primarily due to an improvement in the estimated real estate values that will comprise the Company's real estate portfolio for the Virginia Live!

The Company recorded a provision for credit losses of $ 2.6 million and $ 5.0 million for the three month and six month periods ended June 30, 2026 on the Company's real estate loans, respectively.

The Company recorded a provision for credit losses of $ 7.1 million and $ 10.1 million for the three months and six months ended June 30, 2025.

Additionally, the Company recorded a benefit of $ 1.6 million and $ 14.1 million during the three month and six month periods ended June 30, 2026 on unfunded loan commitments compared to a provision of $ 0.4 million and $ 0.6 million during the three month and six month periods ended June 30, 2025.

The benefit for the six month period ended June 30, 2026 was primarily due to an improvement in the estimated real estate values that will comprise the Company's real estate portfolio for the Virginia Live!

development project.

The reserves for the unfunded loan commitment are recorded in other liabilities on the Condensed Consolidated Balance Sheets and totaled $ 4.3 million and $ 16.8 million at March 31, 2026 and December 31, 2025, respectively.

The Company's borrowers were current on their loan obligations as of March 31, 2026 and December 31, 2025.

The reserves for the unfunded loan commitment are recorded in other liabilities on the Condensed Consolidated Balance Sheets and totaled $ 2.7 million and $ 16.8 million at June 30, 2026 and December 31, 2025, respectively.

The Company's borrowers were current on their loan obligations as of June 30, 2026 and December 31, 2025.

Lease Assets and Lease Liabilities

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Components of the Company's right-of-use assets and land rights, net are detailed below (in thousands):

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Right-of-use assets - operating leases

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Land rights, net $ 821,570 $ 830,110

As of March 31, 2026, estimated future amortization expense related to the Company’s land rights by fiscal year is as follows (in thousands):

As of June 30, 2026, estimated future amortization expense related to the Company’s land rights by fiscal year is as follows (in thousands):

Year ending December 31,

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Operating Lease Liabilities

At March 31, 2026, payments under the Company's operating lease liabilities were as follows (in thousands):

At June 30, 2026, payments under the Company's operating lease liabilities were as follows (in thousands):

Year ending December 31,

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The components of lease expense were as follows (in thousands):

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Operating lease cost $ 4,315 $ 4,315 $ 8,630 $ 8,630

5 unchanged sentences

Supplemental balance sheet information related to the Company's operating leases was as follows:

March 31, 2026

June 30, 2026

Weighted average remaining lease term - operating leases 52.06 years

1 unchanged sentence

Supplemental cash flow information related to the Company's operating leases was as follows:

Three Months Ended March 31,

(in thousands)

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

(in thousands) (in thousands)

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash flows from operating leases (1)

$ 418 $ 416 $ 836 $ 831

(1) The Company's cash paid for operating leases is significantly less than the lease cost for the same period due to the majority of the Company's ground lease rent being paid directly to the landlords by the Company's tenants.

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The Company's weighted average discount rate on the fixed minimum annual payments was 5.06% to arrive at the initial lease obligations.

At March 31, 2026, payments under the Company's financing lease liabilities were as follows (in thousands):

At June 30, 2026, payments under the Company's financing lease liabilities were as follows (in thousands):

2026 (remainder of year) $ 1,361

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$ 8,077,741 $ 7,203,731

The following is a schedule of future minimum repayments of long-term debt as of March 31, 2026 (in thousands):

The following is a schedule of future minimum repayments of long-term debt as of June 30, 2026 (in thousands):

2026 (remainder of year) $ 1,661

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The interest rates per annum applicable to the 2026 Term Loan are, at GLP Capital’s option, equal to either a Secured Overnight Financing Rate (“SOFR”) based rate or a base rate plus an applicable margin, which ranges from 0.850 % to 1.70 % per annum for SOFR loans and 0.0 % to 0.7 % per annum for base rate loans, in each case, depending on the credit ratings assigned to the credit facility under the Credit Agreement.

The weighted average interest rate under the 2026 Term Loan at March 31, 2026 was 4.96%.

The weighted average interest rate under the 2026 Term Loan at June 30, 2026 was 4.91%.

The 2026 Term Loan is not subject to interim amortization.

GLP Capital is not required to repay the 2026 Term Loan prior to maturity but may prepay all or any portion of the 2026 Term Loan prior to maturity without premium or penalty,

subject to reimbursement of any SOFR breakage costs of the lenders.

GLP Capital is not required to repay the 2026 Term Loan prior to maturity but may prepay all or any portion of the 2026 Term Loan prior to maturity without premium or penalty, subject to reimbursement of any SOFR breakage costs of the lenders.

Amounts repaid under the 2026 Term Loan may not be reborrowed.

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GLP Capital is the primary obligor under the Credit Agreement, which is guaranteed by GLPI.

At March 31, 2026, $ 330.8 million was outstanding under the Company's Revolver.

After giving effect to contingent obligations under letters of credit with face amounts aggregating approximately $ 0.4 million, the Company had $ 1,758.8 million of available borrowing capacity under the Revolver as of March 31, 2026.

The weighted average interest rate under the Revolver at March 31, 2026 was 4.97%.

At June 30, 2026, $ 330.0 million was outstanding under the Company's Revolver.

After giving effect to contingent obligations under letters of credit with face amounts aggregating approximately $ 0.4 million, the Company had $ 1,759.6 million of available borrowing capacity under the Revolver as of June 30, 2026.

The weighted average interest rate under the Revolver at June 30, 2026 was 4.94%.

Senior Unsecured Notes

At March 31, 2026, the Company had $ 7,150.0 million of outstanding senior unsecured notes (the "Senior Notes").

During the three months ended March 31, 2026, the Company issued $ 800 million of 5.625 % Senior Notes that will mature on March 1, 2036 at an issue price of 99.857 % of the principal amount.

At June 30, 2026, the Company had $ 7,150.0 million of outstanding senior unsecured notes (the "Senior Notes").

During the six months ended June 30, 2026, the Company issued $ 800 million of 5.625 % Senior Notes that will mature on March 1, 2036 at an issue price of 99.857 % of the principal amount.

The proceeds of the offering were utilized to repay the 2022 Term Loan Agreement and for working capital and general corporate purposes.

At March 31, 2026, the Company was in compliance with all required financial covenants on its debt obligations.

At June 30, 2026, the Company was in compliance with all required financial covenants on its debt obligations.

Fair Value of Financial Assets and Liabilities

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As such, this was determined to be a Level 3 measurement as defined under ASC 820.

Deferred Compensation Plan Assets

The Company's deferred compensation plan assets consist of open-ended mutual funds and as such the fair value measurement of the assets is considered a Level 1 measurement as defined under ASC 820.

Deferred compensation plan assets are included within other assets on the condensed consolidated balance sheets.

Real Estate Loans, net

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The fair value measurement of the real estate loans is considered a Level 3 measurement as defined in ASC 820.

Deferred Compensation Plan Assets

The Company's deferred compensation plan assets consist of open-ended mutual funds and as such the fair value measurement of the assets is considered a Level 1 measurement as defined under ASC 820.

Deferred compensation plan assets are included within other assets on the condensed consolidated balance sheets.

Long-term Debt

The fair value of the Senior Notes are estimated based on quoted prices in active markets and as such is a Level 1 measurement as defined under ASC 820.

The fair values of the Senior Notes are estimated based on quoted prices in active markets and as such are Level 1 measurements as defined under ASC 820.

The fair value of the obligations in our Credit Agreement is based on indicative pricing from market information (Level 2 inputs).

The estimated fair values of the Company’s financial instruments are as follows (in thousands):

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Value Carrying

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Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

There were no assets or liabilities measured at fair value on a nonrecurring basis during the three months ended March 31, 2026 and 2025.

There were no assets or liabilities measured at fair value on a nonrecurring basis during the six months ended June 30, 2026 and 2025.

Commitments and Contingencies

6 unchanged sentences

Funding commitments

As of March 31, 2026, we have entered into various commitments or call rights to finance/acquire future investments in gaming and related facilities for our tenants.

As of June 30, 2026, the Company has entered into various commitments or call rights to finance/acquire future investments in gaming and related facilities for our tenants.

These are detailed in the table below.

2 unchanged sentences

See Note 1 in the Notes to the Condensed Consolidated Financial Statements for further details.

Description Maximum Commitment amount Amount funded at March 31, 2026

Relocation of Hollywood Casino Aurora (1)

$ 225 million None

Description Maximum Commitment amount Amount funded at June 30, 2026

Relocation of Hollywood Casino Aurora $ 225 million $ 225.0 million

Funding associated with a landside move at Ameristar Casino Council Bluffs (1)

2 unchanged sentences

Real estate construction costs for Bally's Chicago $ 940 million $ 475.7 million

Construction costs for the landside development project at Bally's Marquette $ 16.5 million $ 16.5 million

Ione Loan to fund a new casino development near Sacramento, California $ 110 million $ 98.9 million

2 unchanged sentences

Delayed draw term loan for Dry Creek Rancheria Resort development $ 180 million None

(1) PENN anticipates completing the relocation of its Aurora, Illinois riverboat casino to a land-based facility on June 24, 2026, pending customary regulatory approvals.

The Company anticipates funding $ 225 million at a 7.75 % capitalization rate for this project on or about June 24, 2026.

(2) The Company has agreed to fund, if requested by PENN in their sole discretion, on or before March 31, 2029, construction improvements in an amount not to exceed the greater of (i) the hard costs associated with the project and (ii) $ 150.0 million at a 7.10 % capitalization rate.

(1) The Company has agreed to fund, if requested by PENN at its sole discretion, on or before March 31, 2029, construction improvements in an amount not to exceed the greater of (i) the hard costs associated with the project and (ii) $ 150.0 million at a 7.10 % capitalization rate.

Revenue Recognition

2 unchanged sentences

The initial lease term is a key judgment that is utilized in the lease classification test to determine whether the lease is an operating lease, sales-type lease or direct financing lease.

The Company currently has

not included tenant renewal options in its determination of the initial lease term.

The Company currently has not included tenant renewal options in its determination of the initial lease term.

The Company assesses whether to include tenant renewal options in its calculation of the lease term based on several factors, including but not limited to, whether its tenants' leases represent substantially all of the tenants' earnings and revenues, the ability of its tenants to sell their leased operations for fair value and whether the initial term of its leases is for a significant period of time.

Details of the Company's income from real estate for the three months ended March 31, 2026 was as follows (in thousands):

Three Months Ended March 31, 2026

Details of the Company's income from real estate for the three and six months ended June 30, 2026 was as follows (in thousands):

Three Months Ended June 30, 2026 Six Months Ended June 30, 2026

Building base rent $ 339,692 $ 668,243

7 unchanged sentences

Total income from real estate $ 430,519 $ 850,504

As of March 31, 2026, the future minimum rental income from the Company's rental properties under non-cancelable operating leases, including any reasonably assured renewal periods, was as follows (in thousands):

As of June 30, 2026, the future minimum rental income from the Company's rental properties under non-cancelable operating leases, including any reasonably assured renewal periods, was as follows (in thousands):

Year ending December 31, Future Rental Payments Receivable Straight-Line Rent Adjustments (1) Future Base Ground Rents Receivable Future Income to be Recognized Related to Operating Leases

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Diluted EPS for the Company's common stock is computed using the more dilutive of the two-class method or the treasury stock method.

Diluted EPS reflects the additional dilution for all

potentially-dilutive securities.

The effect of the conversion of the LTIP Units and OP Units to common shares is excluded from the computation of basic and diluted earnings per share because the exchange of LTIP Units and OP Units into common stock is on a one-for-one basis and all net income attributable to the non-controlling interest holders are recorded as income attributable to non-controlling interests and thus is excluded from net income available to common shareholders.

In accordance with ASC 260, the Company includes all performance-based restricted shares that would have vested based upon the Company’s performance at quarter-end in the calculation of diluted EPS.

The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31,

Diluted EPS reflects the additional dilution for all potentially-dilutive securities.

The effect of the conversion of the LTIP Units and OP Units to common shares is excluded from the computation of basic and diluted earnings per share because the exchange of LTIP Units and OP Units into common stock is on a one-for-one basis and all net income attributable to the noncontrolling interest holders are recorded as income attributable to noncontrolling interests and thus is excluded from net income available to common shareholders.

In accordance

with ASC 260, the Company includes all performance-based restricted shares that would have vested based upon the Company’s performance at quarter-end in the calculation of diluted EPS.

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

(in thousands)

3 unchanged sentences

Assumed conversion of performance-based restricted stock awards

Dilution attributable to equity forward contract 183 163

Diluted weighted-average common shares outstanding 283,556 275,403

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31,

31 239 24 221

Total 285,857 277,797 284,593 276,464

(1) These awards which are participating securities are accounted for under the two-class method and excluded from the computation of diluted shares as they are a separate class.

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three and six months ended June 30, 2026 and 2025:

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

(in thousands, except per share data)

6 unchanged sentences

Calculation of diluted EPS:

Net income for diluted EPS purposes 231,666 $ 165,184

Net income for earnings per share purposes $ 228,253 $ 151,247 $ 459,926 $ 316,243

Diluted weighted-average common shares outstanding 285,756 277,677 284,503 276,361

1 unchanged sentence

Antidilutive securities excluded from the computation of diluted earnings per share 102 137 115 139

(1) During the three months ended March 31, 2026, these awards which are participating securities were accounted for under the two class method and excluded from diluted shares as they are a separate class.

Common stock issuance

8 unchanged sentences

Similarly, in the event the Company enters into a forward sale agreement, it will pay the relevant forward seller a commission of up to 2 % of the sales price of all borrowed shares of common stock sold during the applicable selling period of the forward sale agreement.

The Company has sold 7,589,487 shares of common stock under forward sale agreements, that will raise gross proceeds of $363.3 million subject to certain contractual adjustments.

No amounts are recorded on the Company's balance sheet until the forward is settled (which contractually matures in the third quarter of 2026 but may be settled prior to this time period at the Company's election).

Until settlement of the forward sale agreements, earnings per share dilution resulting from the forward sale agreements will be determined under the treasury stock method.

Share dilution occurs when the average market price of the Company's common stock is higher than the average forward sales price (which is reduced by the maximum specified fixed amounts in the contracts).

Reflecting the impact of these forward sale agreements, the Company has $ 886.7 million remaining for issuance under the 2025 ATM Program.

The forward sale agreements require the Company to, at its election prior to one year from the commencement of each forward sale agreement, physically settle the transactions by issuing shares of its common stock to the forward counterparty in exchange for net proceeds at the then applicable forward sale price specified by the forward sale agreements.

The forward sale

price is subject to adjustment on a daily basis based on a floating interest rate factor and will decrease by other specified fixed

Non-controlling interests

On June 1, 2026, the Company settled a forward sale agreement and issued 7,589,487 shares for a net sales price of $ 351.0 million inclusive of certain contractual adjustments.

Reflecting the impact of this forward sale agreement, the Company has $ 886.7 million remaining for issuance under the 2025 ATM Program as of June 30, 2026.

Noncontrolling interests

As partial consideration for the closing of various real property assets over the past few years, the Company's operating partnership has issued OP Units.

The OP Units are exchangeable for common shares of the Company on a one-for-one basis, subject to certain terms and conditions.

Once vested, the OP Units are redeemable for cash, or at the Company's option, shares of common stock of the Company on a one-for-one basis.

On June 30, 2026, 108,000 OP units were redeemed and an equal number of shares of the Company's common stock were issued.

As partial consideration for the closing of the real property assets under the Bally's Master Lease II that occurred on February 11, 2026, the Company’s operating partnership issued 332,890 newly-issued OP units to affiliates of Bally's which were valued at $ 15.4 million.

As of March 31, 2026, the Company holds a 96.8 % controlling financial interest in the operating partnership.

As of June 30, 2026, the Company holds a 96.9 % controlling financial interest in the operating partnership.

The operating partnership is a VIE in which the Company is the primary beneficiary because it has the power to direct the activities of the VIE that most significantly impact the partnership's economic performance and has the obligation to absorb losses of the VIE that could be potentially significant to the VIE and the right to receive benefits from the VIE that could potentially be significant to the VIE.

Therefore, the Company consolidates the accounts of the operating partnership, and reflects the third party ownership in this entity as a non-controlling interest in the Condensed Consolidated Balance Sheets.

The Company paid $ 6.9 million and $ 6.3 million in distributions to the non-controlling interest holders concurrently with the dividends paid to the Company's common shareholders, during the three month periods ended March 31, 2026 and March 31, 2025, respectively.

The noncontrolling ownership percentage is calculated by dividing the aggregate number of LTIP Units and OP Units by the total number of units and shares outstanding.

Therefore, the Company consolidates the accounts of the operating partnership, and reflects the third party ownership in this entity as a noncontrolling interest in the Condensed Consolidated Balance Sheets.

The Company paid $ 7.2 million and $ 14.1 million in distributions to the noncontrolling interest holders concurrently with the dividends paid to the Company's common shareholders, during the three and six month periods ended June 30, 2026.

The Company paid $ 6.5 million and $ 12.8 million in distributions to the noncontrolling interest holders concurrently with the dividends paid to the Company's common shareholders, during the three and six month periods ended June 30, 2025.

The Company’s net income or loss is allocated to noncontrolling interests based on the respective economic interests in the Operating Partnership associated with such noncontrolling interests and is removed from consolidated income or loss on the Condensed Consolidated Statements of Income in order to derive net income or loss attributable to common stockholders.

The noncontrolling ownership percentage is calculated by dividing the economically participating LTIP Units and OP Units by the total economically participating units and shares outstanding.

Accumulated Other Comprehensive Income (Loss)

2 unchanged sentences

The amount expected to be amortized out of other comprehensive income to interest expense over the next 12 months is $0.1 million.

The following table lists the dividends declared and paid by the Company during the three months ended March 31, 2026 and 2025:

The following table lists the dividends declared and paid by the Company during the six months ended June 30, 2026

Declaration Date Shareholder Record Date Securities Class Dividend Per Share Period Covered Distribution Date Dividend Amount

1 unchanged sentence

February 18, 2026 March 13, 2026 Common Stock $ 0.78 First Quarter 2026 March 27, 2026 $ 220,913

May 20, 2026 June 12, 2026 Common Stock $ 0.82 Second Quarter 2026 June 26, 2026 $ 238,465

February 13, 2025 March 14, 2025 Common Stock $ 0.76 First Quarter 2025 March 28, 2025 $ 208,873

In addition, for the three months ended March 31, 2026 and March 31, 2025, dividend payments were made to GLPI restricted stock award holders in the amount of $ 0.2 million and $ 0.2 million, respectively.

May 15, 2025 June 13, 2025 Common Stock $ 0.78 Second Quarter 2025 June 27, 2025 $ 220,743

In addition, for the three and six months ended June 30, 2026, dividend payments were made to GLPI restricted stock award holders in the amount of $ 0.1 million and $ 0.3 million.

For the three and six months ended June 30, 2025, dividend payments were made to GLPI restricted stock award holders in the amount of $ 0.2 million and $ 0.4 million.

Stock-Based Compensation

3 unchanged sentences

The Company utilizes a third party valuation firm to measure the fair value of performance-based restricted stock awards and performance-based LTIP awards at the grant date using a Monte Carlo simulation model.

As of March 31, 2026, there was $ 5.1 million of total unrecognized compensation cost for time based restricted stock awards that will be recognized over the grants' remaining weighted average vesting period of 1.68 years.

For the three months ended March 31, 2026, the Company recognized $ 2.1 million of compensation expense associated with these awards, compared to $ 2.2 million for the three months ended March 31, 2025, within general and administrative expenses on the Company's Condensed Consolidated Statements of Operations and Comprehensive Income.

The following table contains information on time based restricted stock award activity for the three months ended March 31, 2026:

As of June 30, 2026, there was $ 4.1 million of total unrecognized compensation cost for time-based restricted stock awards that will be recognized over the grants' remaining weighted average vesting period of 1.55 years.

For the three and six months ended June 30, 2026, the Company recognized $ 1.0 million and $ 3.1 million of compensation expense associated with these awards, compared to $ 2.2 million and $ 4.4 million for the three and six months ended June 30, 2025, within general and administrative expenses on the Company's Condensed Consolidated Statements of Income and Comprehensive Income.

The following table contains information on time-based restricted stock award activity for the six months ended June 30, 2026:

Number of Award

2 unchanged sentences

Released ( 145,195 )

Outstanding at March 31, 2026 198,985

Performance-based restricted stock awards have a three-year cliff vesting with the amount of restricted shares vesting at the end of the three-year period determined based upon the Company’s performance as measured against its peers.

Outstanding at June 30, 2026 198,985

Performance-based restricted stock awards have a three-year cliff vesting schedule with the amount of restricted shares vesting at the end of the three-year period determined based upon the Company’s performance as measured against its peers.

More specifically, the percentage of shares vesting at the end of the measurement period will be based on the Company’s three-year total shareholder return measured against the three-year total shareholder return of the companies included in the MSCI US REIT index and the Company's stock performance ranking among a group of triple-net REIT peer companies.

As of March 31, 2026, there was $ 10.6 million of total unrecognized compensation cost, which will be recognized over the performance-based restricted stock awards' remaining weighted average vesting period of 1.74 years.

For the three months ended March 31, 2026,

the Company recognized $ 2.0 million of compensation expense associated with these awards within general and administrative expenses on the Company's Condensed Consolidated Statements of Operations and Comprehensive Income compared to $ 3.1 million for the corresponding periods in the prior year.

The following table contains information on performance-based restricted stock award activity for the three months ended March 31, 2026:

As of June 30, 2026, there was $ 8.7 million of total unrecognized compensation cost, which will be recognized over the performance-based restricted stock awards' remaining weighted average vesting period of 1.58 years.

For the three and six months ended June 30, 2026, the Company recognized $ 2.0 million and $ 4.0 million of compensation expense associated with these awards within

general and administrative expenses on the Company's Condensed Consolidated Statements of Income and Comprehensive Income compared to $ 3.1 million and $ 6.2 million for the corresponding periods in the prior year.

The following table contains information on performance-based restricted stock award activity for the six months ended June 30, 2026:

Number of Performance-Based Award Shares

2 unchanged sentences

Released ( 179,557 )

Outstanding at March 31, 2026 849,000

As of March 31, 2026, there was $ 2.1 million of total unrecognized compensation cost for time based LTIP awards that will be recognized over the grants' remaining weighted average vesting period of 2.56 years.

For the three months ended March 31, 2026 and March 31, 2025, the Company recognized $ 2.7 million and $ 2.8 million, respectively, of compensation expense associated with these awards within general and administrative expenses on the Company's Condensed Consolidated Statements of Operations and Comprehensive Income.

The following table contains information on time based LTIP award activity for the three months ended March 31, 2026:

Outstanding at June 30, 2026 849,000

As of June 30, 2026, there was $ 1.9 million of total unrecognized compensation cost for time-based LTIP awards that will be recognized over the grants' remaining weighted average vesting period of 2.32 years.

For the three and six months ended June 30, 2026, the Company recognized $ 0.2 million and $ 2.9 million of compensation expense associated with these awards within general and administrative expenses on the Company's Condensed Consolidated Statements of Income and Comprehensive Income compared to $ 0.1 million and $ 2.9 million for the corresponding periods in the prior year.

The following table contains information on time-based LTIP award activity for the six months ended June 30, 2026:

Number of Time-Based LTIP Awards

2 unchanged sentences

Released ( 23,334 )

Outstanding at March 31, 2026 142,666

Performance-based LTIP awards have a three-year cliff vesting schedule with the amount of LTIP awards vesting at the end of the three-year period determined based upon the Company’s performance as measured against its peers.

Outstanding at June 30, 2026 142,666

Performance-based LTIP awards have a three-year cliff vesting with the amount of LTIP awards vesting at the end of the three-year period determined based upon the Company’s performance as measured against its peers.

As of March 31, 2026, there was $ 13.1 million of total unrecognized compensation cost, which will be recognized over the performance-based LTIP awards' remaining weighted average vesting period of 2.42 years.

For the three months ended March 31, 2026 and March 31, 2025, the Company recognized $ 1.4 million and $ 0.8 million of compensation expense associated with these awards within general and administrative expenses on the Company's Condensed Consolidated Statements of Operations and Comprehensive Income.

The following table contains information on performance-based LTIP award activity for the three months ended March 31, 2026:

As of June 30, 2026, there was $ 11.7 million of total unrecognized compensation cost, which will be recognized over the performance-based LTIP awards' remaining weighted average vesting period of 2.18 years.

For the three and six months ended June 30, 2026, the Company recognized $ 1.4 million and $ 2.8 million of compensation expense associated with these awards within general and administrative expenses on the Company's Condensed Consolidated Statements of Income and Comprehensive Income compared to $ 0.7 million and $ 1.5 million for the corresponding periods in the prior year.

The following table contains information on performance-based LTIP award activity for the six months ended June 30, 2026:

Number of Performance-Based LTIP Awards

1 unchanged sentence

Granted 384,000

Outstanding at March 31, 2026 664,000

Outstanding at June 30, 2026 664,000

Supplemental Disclosures of Cash Flow Information and Noncash Activities

Supplemental disclosures of cash flow information are as follows:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

(in thousands)

Cash paid for income taxes, net of refunds received $ 1,834 $ 1,783 $ 1,834 $ 1,783

Cash paid for interest $ 60,894 $ 65,460 $ 177,384 $ 191,332

Noncash Investing and Financing Activities

During the three month period ended June 30, 2026, 108,000 OP units were converted into an equal number of common shares which resulted in the reclassification of $ 4.8 million from noncontrolling interests to common stock and additional paid-in capital on the Company's Condensed Consolidated Balance Sheet.

On February 11, 2026, as partial consideration for the acquisition of the real property assets of Bally's Lincoln, the Company’s operating partnership issued 332,890 newly-issued OP units to an affiliate of Bally's which were valued at $ 15.4 million for accounting purposes at closing.

1 unchanged sentence

Under asset acquisition accounting, incremental transaction costs incurred to acquire the purchased assets are also included as part of the asset cost.

As discussed in Note 1, the Company completed the purchase of the real property assets of Bally’s Lincoln and the properties were leased back to Bally's subject to the terms of the Bally's Master Lease II.

As discussed in Note 1, on February 11, 2026, the Company completed the purchase of the real property assets of Bally’s Lincoln and the properties were leased back to Bally's subject to the terms of the Bally's Master Lease II.

The Company paid cash of $ 688.0 million and issued 332,890 OP Units valued at $ 15.4 million based on the Company's closing stock price at the acquisition date.

4 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements